The South Korea international is said to be a transfer target for a number of European clubs, with Bundesliga outfit Bayer Leverkusen also rumoured to be tracking his progress.
Despite confessing he thinks Ki is a "very good player", however, Allofs has moved to quash rumours of an imminent move for the midfielder.
"We are definitely aware of Ki Sung-Yueng, he certainly is a very good player," Allofs told Kicker.
"However, at this point in time, he is a non-issue and is pretty much off the agenda for our club."
This is not the first time speculation has surrounded the Celtic player's future. Last season the Hoops rejected an offer from Russian side Rubin Kazan for the 23-year-old, with Ki remaining adamant that he is happy at Celtic Park.
Ki was a regular fixture in the Scottish Premier League champions' midfield last season, making 41 appearances and contributing seven goals.